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Real Estate & Business

9 March, 2021

Cheaper to buy a home than to rent in Mackay

MACKAY’S acute shortage of home to lease has encouraged people to buy instead.

Fortunately, it’s now cheaper to buy than rent a house in Mackay and in the Shires of Whitsunday and Isaac.

For example, it costs $350 to $450 a week to rent a basic cabin in Mackay, (which are rarely available) depending on whether the renter is a single person or a family.

In comparison, it only costs $330 per week in total repayment, to buy an average priced $330,000 house in Mackay.

Home Loan: Buying a house in Mackay is now even easier as banks will now lend up to 95 percent of the valve of a new house.

Grants: FIRST HOME OWNERS GRANT of $15,000 IS available from the federal government for a brand new home.

A BUILDERS BOOST GRANT of $15,000 is available from the Australian Government for Australians, where the value of their home and land is less than $750,000, (as long as home-owners income is less than $125,000, or a couple’s joint income is less than $200,000).

QUEENSLAND REGIONAL BOOST GRANT of $5,000 is available for people in Mackay and in northern regional areas, which is paid by the Queensland Government, after a new home is built

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